February 28, 2018 / 11:53 AM / 21 days ago

Shareholder adviser ISS recommends Melrose investors back GKN bid

LONDON (Reuters) - Melrose Industries (MRON.L) has secured the backing of investor advisory firm Institutional Shareholder Services (ISS) for its 7 billion pound hostile bid for British engineering firm GKN (GKN.L).

    “Given the sensible strategic rationale, (Melrose’s) turnaround track record and reasonable valuation, approval of the acquisition is warranted,” ISS said in a note circulated to clients last week. Melrose investors are due to vote on the proposed deal at a meeting on March 8.

    Reporting by Ben Martin; editing by Jason Neely

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